Berlin takes its pound of flesh from Lufthansa; Axa’s French restaurant payout is unappetising news for insurers; and Covid-19 prods Hongkongers into the age of the digital wallet. Catch up with Corona Capital here
Germany’s $9.9 billion Deutsche Lufthansa rescue provides a blueprint for governments looking to strike a hard bargain in bailout negotiations. The airline’s shares jumped 5% on Tuesday after the government confirmed it would take a 20% stake at 2.56 euros per share, a 72% discount to the listed price. A further 5.7 billion euros will come asSuch tough haggling contrasts with the swifter,of the U.S.
Having already cancelled dividends, French insurers may also be asked to hold more capital reserves to offset legal risk, Moody’s says. They’re unlikely to be alone. Lawmakers in New York and Ohio have introduced bills to force payouts. In the United Kingdom, hundreds of companies have joined forces to sue Hiscox for unpaid claims. Axa may merely have opened the floodgates.
Seeing what friends are buying, Venmo-style, has helped build a user base that’s roughly half millennial. Customers active on HSBC’s Hong Kong mobile banking app surpassed 1.1 million as of March, up nearly 40% from a year earlier. These are welcome milestones for HSBC as much as Hong Kong. The city’s fintech efforts have been sluggish, with many online-only banking rivals missing target dates set by the Hong Kong Monetary Authority. Stealing a digital march should help gird HSBC for the competition to come. Aircraft of German carrier 'Lufthansa' are parked on the tarmac during a strike at Munich's airport July 28, 2008.
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